This decision is part of the Global Gateway strategy (a European strategy to develop smart, clean and secure digital, energy and transport links, and to strengthen health, education and research systems worldwide) in Cape Verde. The first project will support Cape Verde’s energy sector, with funding of about $176 million (159 million euros) from the European Investment Bank, the European Union and Luxembourg.. The funding is earmarked for the design and construction of an electricity generation, grid and storage complex until 2029. The investment is part of Cape Verde’s National Electricity Master Plan (2018-2040) and aims to reduce Cape Verde’s dependence on costly, polluting energy sources by 2040. The project will also guarantee new storage capacity for electricity generated from renewable energy sources.
Reinforcing fiber optics
In addition, it will enable the replacement and modernization of the fiber optic submarine cable linking the country’s islands, improving its functionality and efficiency. The project also aims to help Cape Verde become a digital hub for the West African region. The project is expected to generate significant socio-economic benefits for Cape Verde and the West African region as a whole, particularly in terms of the availability and quality of digital connectivity for the local private sector, including small and medium-sized enterprises. This initiative will thus stimulate innovation and support the creation of highly-skilled jobs in Cape Verde, positioning the country as a digital convergence point between Africa, Europe and South America.
$116 million (105 million euros) for port expansion and modernization
In addition, port infrastructure development receives $116 million (105 million euros) in funding for the expansion and modernization of Cape Verde’s strategic ports. The European Union, in collaboration with the European Investment Bank, will grant 105 million euros to the Cape Verdean State for the expansion and modernization of several of Cape Verde’s strategic ports, namely Porto Grande do Mindelo, on the island of São Vicente, Porto Novo Port, on the island of Santo Antão, and Porto da Palmeira, on the island of Sal. In addition to the extension of breakwaters and mooring docks, basic infrastructure will also be installed, enabling the private sector to invest in water sports. Such as marinas, to support the growing nautical economy industry in the Cape Verde archipelago.
The cooperation between Cape Verde, the European Union and the European Investment Bank demonstrates our shared commitment to a sustainable, inclusive and connected future as part of the Global Gateway strategy. This investment will not only modernize important infrastructure, but will also position Cape Verde as a regional leader in renewable energies and digital innovation. Together, we are paving the way for a more sustainable and prosperous future for the people of Cape Verde and the entire West African region.
Said European Commissioner for International Partnerships, Jutta Urpilainen, reported by Global Gateway.Ambroise Fayolle, Vice-President of the European Investment Bank, commented: “The European Investment Bank is delighted to support such important projects for sustainable development and innovation in Cape Verde. By financing these projects, the EIB is demonstrating its ability to respond to the country’s priorities to develop more modern and efficient infrastructure, with a real impact on the economic and daily lives of its inhabitants.
He added : “As a key partner of the European Union’s Global Gateway initiative, our action in Africa is reflected in our financing and expertise in key sectors such as innovation, the digital economy, renewable energies, water, agriculture and transport. With EIB Global, our dedicated development department, we are strengthening our partnerships at international, national and local levels. By acting in this way, as close as possible to the needs of territories and their inhabitants, we are preparing a more sustainable future for everyone.”
It is with great enthusiasm that we welcome these strategic investments, which represent an important step in our journey towards sustainable development and technological innovation. These projects not only modernize our digital and energy infrastructures, but also reinforce our commitment to creating a prosperous future for all Cape Verdeans,
said Cape Verde’s Deputy Prime Minister, Minister of Finance and Enterprise Development and Minister for the Digital Economy, Olavo Correia, as reported by Infor Press.
